Interest Rate Roundup
auto
National auto loan rates

Here's a look at the state of mortgage rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 6, 2010.

Auto Loans

Rates: 6.6 percent (60-month, new car); 7.45 percent (36-month, used car)

Auto loan rates fell precipitously this week. Rates on new-car loans dropped; the average 48-month, new-car loan was down 18 basis points to 6.62 percent. The average rate on a 60-month, new-car loan was down 17 basis points to 6.6 percent.

Used-car loan rates were also down; the average rate for a 36-month, used-car loan fell 16 basis points, to 7.45 percent. Rates for 60-month new car loans continued undercutting rates for shorter-term 48-month auto loans for the 28th week in a row.

Healthy December sales are boosting predictions for new-car sales in 2010, according to a Wall Street Journal report published Monday. Industry analysts are expecting seasonally adjusted year-over-year sales to top 11 million cars and trucks in December, after falling to 9.22 million in September following the end of the Cash for Clunkers program. BMW AG, Ford Motor Co., Honda Motor Co., Toyota Motor Co.'s Lexus, and General Motor Co.'s soon-to-be-closed Saturn and Pontiac brands all showed higher-than-expected gains; but the article cited continued weakness in housing, consumer confidence and employment as factors that may put a damper on the industry's prospects for recovery.

To find updated auto rates in your area, visit Bankrate's auto rate table.

See all auto loan rates content.

-- Sheyna Steiner

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